Key facts
- U.S. President Donald Trump suggested the possibility of reinstating oil sanctions on Russia.
- G7 leaders are united in increasing economic pressure on Moscow.
- The US had previously suspended oil sanctions to help lower global energy prices.
- The UK and Canada have also imposed new sanctions on Russia.
- The European Commission proposed freezing the price cap on Russian oil at $44 per barrel.
U.S. President Donald Trump indicated that Washington could reinstate sanctions on Russian oil as part of a broader effort by G7 nations to increase pressure on the Kremlin. The U.S. had previously suspended these sanctions to help stabilize global energy prices. Trump's remarks came during the G7 summit in France, where leaders from the G7 and the European Union met with Ukrainian President Volodymyr Zelenskyy. Officials familiar with the discussions stated that the leaders agreed to intensify economic measures against Moscow. The United Kingdom imposed new energy sanctions, and Canada announced its own measures targeting Russian individuals, entities, and vessels. The European Commission has proposed its 21st sanctions package, including freezing the current price cap on Russian oil purchases at $44 per barrel.